Marcus & Millichap—a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services—has published its Midyear 2024 San Antonio Hospitality Market Report.
“San Antonio’s hospitality market is showing steady growth, supported by a rise in leisure travel and ongoing demand for mid-priced accommodations,” Allan Miller, senior managing director investments, said in a statement.
According to the report:
- San Antonio's occupancy rate increased 40 basis points year over year, reaching 61.9 percent, aided by the city's leisure tourism.
- The average daily rate rose 1.6 percent over the past year, lifting the figure to $131.08, driven by high demand for mid-range hotels.
- RevPAR improved 2.3 percent, supported by stable occupancy and incremental ADR growth.
- Development activity remains measured, with 700 new rooms set to be delivered in 2024, keeping supply expansion balanced.
- San Antonio's leisure market is strong, drawing visitors to local attractions.
“With ongoing development and demand, San Antonio’s hospitality sector remains poised for sustained growth,” added Miller.